I can also confirm this.
I've had spells consistently show 10 or more damage and do 4-5, or in the case of Arcane Arrow, it always, always, always gets resisted. In two games it has never successfully struck anything.
Archery seems to be doing the same, but at least it consistently does some damage.
In terms of functionality, the spell may be checking Resistance, posting resistance damage, then dealing that damage to armor reduction. (I've never seen it do more than posted, only less).